Retirement Benefits Schemes (Miscellaneous Amendments ... · Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2014 Regulation 4 c SD 2014/0049 Page 5 (a) exempted

Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2014 Index

c SD 2014/0049 Page 1

c RETIREMENT BENEFITS SCHEMES

(MISCELLANEOUS AMENDMENTS) REGULATIONS

2014

Index Regulation Page

1 Title ................................................................................................................................... 3

2 Commencement .............................................................................................................. 3

3 Amendment of the Retirement Benefits Schemes (Management and

Miscellaneous Provisions) Regulations 2001 .............................................................. 3

4 Amendment of the Retirement Benefits Schemes (Excepted Schemes)

Regulations 2001 ............................................................................................................. 4

5 Amendment of the Retirement Benefits Schemes (International Schemes)

Regulations 2001 ............................................................................................................. 6

6 Amendment of the Retirement Benefits Schemes (Domestic Schemes)

(General Administration) Regulations 2004 ............................................................. 12

7 Amendment of the Retirement Benefits Schemes (Recognised Schemes)

(United Kingdom) Order 2004 .................................................................................... 15

8 Amendment of the Retirement Benefits Schemes (Permitted Schemes)

Regulations 2004 ........................................................................................................... 15

9 Amendment to the Retirement Benefits Schemes (General Register)

Regulations 2004 ........................................................................................................... 16

EXPLANATORY NOTE 17

Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2014 Regulation 1

c SD 2014/0049 Page 3

Statutory Document No. 2014/0049

c Retirement Benefits Schemes Act 2000

RETIREMENT BENEFITS SCHEMES

(MISCELLANEOUS AMENDMENTS) REGULATIONS

2014

Approved by Tynwald:

Coming into Operation: 1 August 2014

The Treasury, after consulting with the Insurance and Pensions Authority and such

other organisations and persons as appear to it to be likely to be affected by the making

of these Regulations, makes the following Regulations under sections 1, 6, 18, 21, 24, 36,

51 and 53 of the Retirement Benefits Schemes Act 2000.

1 Title

These Regulations are the Retirement Benefits Schemes (Miscellaneous

Amendments) Regulations 2014.

2 Commencement

If approved by Tynwald 1 these Regulations come into operation on 1 August

2014.

3 Amendment of the Retirement Benefits Schemes (Management and

Miscellaneous Provisions) Regulations 2001

(1) The Retirement Benefits Schemes (Management and Miscellaneous

Provisions) Regulations 20012 are amended as follows.

(2) In regulation 2 for “section 34 of the Insurance Act 1986;” substitute

«section 54 of the Insurance Act 2008;».

(3) In regulation 7(2)(b) for “War Pensions Committees Regulations 1990 as

applied to the Isle of Man by the Social Security Legislation (Application)

(No.5) Order 1992” substitute «Isle of Man War Pensions Committee

Regulations 20023».

1 As required by section 51(5) of the Retirement Benefits Schemes Act 2000

2 SD 647/01 (as amended by SD 596/04 and SD 63/06)

3 SD 378/02 (as amended by SD 885/04, SD 728/06 and SD 137/07)

Regulation 4 Retirement Benefits Schemes (Miscellaneous Amendments)

Regulations 2014

Page 4 SD 2014/0049 c

(4) After regulation 8 add —

«9 Changes of trustee or administrator

For the purpose of section 18(A1) of the Act (requirement

for the submission of prescribed particulars on the

appointment of a director, chief executive, manager or

controller of a trustee or administrator) the prescribed

particulars are —

(a) the full name of the person to be appointed;

(b) the full postal address of the person to be

appointed; and

(c) the position to be occupied by the person to be

appointed (director, chief executive, manager or

controller).».

4 Amendment of the Retirement Benefits Schemes (Excepted Schemes)

Regulations 2001

(1) The Retirement Benefits Schemes (Excepted Schemes) Regulations 20014

are amended as follows.

(2) In regulation 2 —

(a) for the definition of the “1986 Act” substitute «“the 2008 Act”

means the Insurance Act 2008;»; and

(b) for the definition of “Exempt insurance company contract”

substitute —

«“exempted insurance company contract” means any contract

(within the meaning of the 2008 Act) which —

(a) is provided by a company authorised under section

8 of the 2008 Act; and

(b) is not a contract which is, or forms part of, an

arrangement which is or was formerly registered as

an authorised scheme under section 3 of the Act;

“international retirement benefits scheme” has the same

meaning as in regulation 2 of the Retirement Benefits

Schemes (International Schemes) Regulations 2001;».

(3) For regulation 3(1) substitute —

«(1) For the purpose of section 53 of the Act, in the definition

of “retirement benefits schemes”, the prescribed classes of

schemes (schemes or arrangements which are not retirement

benefits schemes for the purpose of the Act) include —

4 SD 646/01 (as amended by SD 597/04 and SD 63/06)


c SD 2014/0049 Page 5

(a) exempted insurance company contracts which, except for

this sub-paragraph, would qualify as an international

retirement benefits scheme;

(b) a trust whose property consists wholly of exempted

insurance company contracts which, except for this sub-

paragraph, would qualify as an international retirement

benefits scheme;

(c) any annuity contract effected with a person —

(i) authorised under section 8 of the 2008 Act; or

(ii) in receipt of a Part 4A permission to effect or carry

out contracts of insurance under the Financial

Services and Markets Act 2000 (of Parliament):

provided that, the annuity contract is used solely for the

purpose of securing relevant benefits;

(d) any arrangement established by an individual on that

individual’s own life in which the only benefits provided

are death benefits under a policy of insurance;

(e) any contract that is approved under section 49 or 49A of

the Income Tax Act 1970;

(f) any arrangement whose sole purpose is to facilitate the

immediate securing of relevant benefits, provided that —

(i) it is effected with a person specified in sub-

paragraph (c)(i) or (c)(ii); and

(ii) the only benefits provided are annuity benefits or

lump sum benefits or both; and

(g) with effect from 1 April 2015, any deed, agreement or

arrangement made solely for the purpose of establishing

an employer-financed retirement benefits scheme (as

defined in section 393A of the Income Tax (Earnings and

Pensions) Act 2003 (of Parliament)) by an employer

resident in the United Kingdom, which —

(i) has in accordance with the requirements of section

251 of the Finance Act 2004 (of Parliament) and the

Employer-Financed Retirement Benefits Schemes

(Provision of Information) Regulations 20055 been

reported to Her Majesty’s Revenue and Customs;

(ii) is not registered under Chapter 2 of Part 4 of the

Finance Act 2004 (of Parliament) as a registered

pension scheme;

(iii) is not a scheme which is bona fide established for

the sole or in the case of an international retirement

5 SI 2005 No. 3453


Regulations 2014

Page 6 SD 2014/0049 c

benefits scheme, principal purpose of providing

relevant benefits in respect of service as an

employee, being benefits payable to, or to the

widow, children or dependants or personal

representatives of, the employee; and

(iv) is not approved by the Assessor of Income Tax for

the purpose of —

(A) section 50B or 50C of the Income Tax Act

1970;

(B) section 1 or 2 of the Income Tax

(Retirement Benefit Schemes) Act 1978; or

(C) Part 1 of the Income Tax Act 1989.».

(4) In regulation 3(2)(b) for “War Pensions Committees Regulations 1990 as

applied to the Isle of Man by The Social Security Legislation

(Application) (No. 5) Order 1992, and any regulations replacing or

amending them.” substitute «Isle of Man War Pensions Committee

Regulations 20026.».

5 Amendment of the Retirement Benefits Schemes (International

Schemes) Regulations 2001

(1) The Retirement Benefits Schemes (International Schemes) Regulations

20017 are amended as follows.


(a) for the definition of “the 1986 Act” substitute «“the 2008 Act”

means the Insurance Act 2008;»; and

(b) in the definition of “investment business”, for “Investment

Business Act 1991” substitute «“Financial Services Act 2008”».

(3) In regulation 7(2) for sub-paragraph (c) substitute —

« (c) is not a Fellow of the Institute and Faculty of Actuaries or a

person who has otherwise satisfied the Supervisor that the

person holds qualifications equivalent to those required for

membership of that body;».

(4) In regulation 13(1)(c) for “the 1986 Act,” substitute «the 2008 Act,».

(5) In regulation 13(14) in the definition of “accepted insurance company”

for paragraphs (a) and (b) substitute —

«(a) authorised under section 8 of the 2008 Act;

(b) holds a permit issued under section 22 of the 2008 Act;

or».

6 SD 378/02 (as amended by SD 885/04, SD 728/06 and SD 137/07)

7 SD 645/01 (as amended by SD 664/02, 589/04 and 63/06)


c SD 2014/0049 Page 7

(6) In regulation 13(14) in the definition of “accepted investment scheme”

for paragraphs (a) and (b) substitute —

«(a) a collective investment scheme authorised under

paragraph 2 of Schedule 1 to the Collective Investment

Schemes Act 2008 or

(b) a collective investment scheme authorised (or having effect

as if authorised) under section 243 of the Financial Services

and Markets Act 2000 (of Parliament) or under regulation

14 of the Open-Ended Investment Companies Regulations

20018 (made under that Act) or recognised under section

264, 270 or 272 of that Act, or».

(7) In regulation 13(14) in the definition of “employer-related investments”,

from “Building Society” to “or the Banking Act 1998” inclusive,

substitute —

«deposit-taking institution which is licensed under section 7 of

the Financial Services Act 2008 or an organisation which has

satisfied the Supervisor that it is authorised to accept deposits

under legislation equivalent to the Financial Services Act 2008».

(8) For regulation 15 substitute —

«15 Transfer payments and early leaver rights

(1) Subject to paragraph (2), scheme rules must provide that if

a member has vested accrued rights under any

arrangement under a scheme which have not come into

payment, the member is entitled to transfer those rights in

accordance with the provisions of this regulation.

(2) Paragraph (1) applies only in respect of an occupational

scheme if the member has ceased to be an active member.

(3) The value of a member’s transfer must —

(a) in respect of money purchase benefits which do not

fall to be valued in a manner which involves

making estimates of the value of those benefits, be

calculated and verified by the trustee as the

realisable value of the investments constituting the

member’s accrued rights; and

(b) in respect of any other benefits, be calculated and

verified in such manner as may be approved by a

relevant actuary.

(4) Subject to paragraph (12), any member who is entitled to

transfer that member’s accrued rights may transfer those

rights only by making an application in writing to the

scheme trustee directing the trustee to use the transfer to —

8 SI 2001/1228 (as amended by SI 2011/1613)


Regulations 2014

Page 8 SD 2014/0049 c

(a) purchase a contract or contracts from one or more

insurance companies, which satisfy the conditions

specified in paragraph (5);

(b) acquire rights in another retirement benefits scheme

which is authorised under section 3 of the Act,

provided that in relation to any retirement benefits

scheme approved under section 1 or 2 of the Income

Tax (Retirement Benefit Schemes) Act 1978 or

approved under section 2 of the Income Tax Act

1989, approval to the transfer has been obtained

from the Assessor of Income Tax; or

(c) acquire rights in a retirement benefits scheme, not

authorised under section 3 of the Act, provided

that —

(i) the trustees of the transferring scheme have

taken reasonable steps to satisfy themselves

that, where the receiving scheme is an

occupational pension scheme, the member is

in employment to which the receiving

scheme applies;

(ii) the member has acknowledged in writing

that the member accepts that the scheme to

which the transfer is to be made is not

subject to the supervision of the Authority

and may not be regulated in any way by the

law of the Island and that as a consequence

there may be no obligation under that law

on the receiving scheme or its trustees to

provide any particular value or benefit in

return for the payment; and

(iii) the trustee has received confirmation from

the member that the member has received a

statement from the receiving scheme

showing the benefits to be awarded in

respect of the transfer payment to be made

and the conditions (if any) on which these

could be forfeited or withheld.

(5) The conditions referred to in paragraph (4)(a) are that —

(a) the insurance company is —

(i) authorised under section 8 of the 2008 Act to

carry on long-term business as defined in

that Act, or

(ii) carrying on insurance business in a country

other than the Island in accordance with the


c SD 2014/0049 Page 9

laws of that country and in respect of which

the member has acknowledged in writing

that the member accepts that the insurance

company is not subject to the supervision of

the Authority and may not be regulated in

any way by the law of the Island and that as

a consequence there may be no obligation

under that law on the insurance company to

provide any particular value or benefit in

return for any transfer payment received;

and

(b) the contract —

(i) has been chosen by the member; and

(ii) assumes an obligation to the member, and

where appropriate any dependants of the

member, to pay the benefits secured under

the contract by the receipt of the transfer

payment to the member or, as the case may

be, to the member’s dependants.

(6) On receipt of an application made in accordance with

paragraph (4), the trustee must do what is necessary to

carry out the member’s written transfer request within 6

months of the date of receipt of that application.

(7) Subject to paragraph (8), scheme rules must, in respect of

any member who has the right to transfer that member’s

accrued rights but has not exercised that right, provide that

any investment yield or bonuses arising from contributions

made by or on behalf of the member toward the provision

of money purchase benefits from the scheme must

continue to be applied until such time as the member’s

accrued rights are extinguished by the payment of benefits

or transfers.

(8) Before applying any investment yield or bonuses in

accordance with paragraph (7), the trustee may deduct an

amount in respect of any appropriate administrative

expenses incurred by the trustee in the administration of

the member’s accrued rights.

(9) The trustee must not arrange for the transfer of any

member’s vested accrued rights without the consent of the

member, except where the trustee has obtained the consent

of the High Court or, in the case of an occupational scheme

where either the conditions set out in paragraph (10) or

paragraph (11) are satisfied.

(10) The conditions are that —


Regulations 2014

Page 10 SD 2014/0049 c

(a) the scheme is not in the process of being wound up;

(b) the transfer is to a relevant contract;

(c) the relevant contract is taken out not earlier than 15

months after the member becomes a deferred

member;

(d) the trustee has furnished in writing to the member

at least 3 months’ notice of the intention to take out

the relevant contract, together with the main details

of the contract and information as to the member’s

alternative entitlement to transfer that member’s

accrued rights under this regulation;

(e) the value of the member’s transfer is calculated in

accordance with paragraph (3);

(f) the relevant contract provides the member with

entitlement to transfer that member’s rights under

that contract in accordance with sub-paragraphs

(4)(a) to (c); and

(g) the trustee does not hold an outstanding application

under paragraph (4) for the transfer of the same

rights or any part of them.

(11) The conditions are that —

(a) the member’s accrued rights are to be transferred

from the transferring scheme to a receiving scheme

which is registered as an authorised scheme under

section 3 of the Act;

(b) the trustee of the transferring scheme has obtained a

certificate from a relevant actuary, certifying that

the transfer credit to be acquired for the member

under the receiving scheme is, broadly, no less

favourable than the rights to be transferred;

(c) information about the proposed transfer and details

of the value of the rights to be transferred

(including rights in respect of death in service

benefits and survivors' benefits) has been furnished

to the member not less than one month before the

proposed transfer is due to take place; and

(d) the transferring scheme and the receiving scheme

apply to employment with —

(i) the same employer; or

(ii) different employers, if the member

concerned is one of a group in respect of

whom transfers are being made from the


c SD 2014/0049 Page 11

transferring scheme to the receiving scheme,

and either —

(A) the transfer is a consequence of a

financial transaction between the

employers; or

(B) the employers are companies or

partnerships bearing a relationship to

each other such as is described in

regulation 64(2) of the Occupational

Pension Schemes (Contracting-out)

Regulations 19969, as they have effect

in the Island.

(12) If the scheme from which a transfer payment is to be made

is one which is or was formerly approved by the Assessor

of Income Tax, the scheme to which the transfer payment is

to be made must satisfy requirements of the Assessor of

Income Tax.

(13) For the purpose of section 3(8)(d) of the Act (restrictions on

the repayment of employee contributions), the

constitutional documents of a scheme may provide for the

repayment of any contributions made to the scheme by a

member in respect of any accrued rights which are not

vested accrued rights.

(14) In this regulation —

“relevant actuary” means an actuary appointed by the trustee who

satisfies the conditions of regulation 7(2).

“relevant contract” means a contract of insurance, within the meaning of

the 2008 Act, which —

(a) is taken out with an insurance company which is

authorised under section 8 of the 2008 Act to carry

on long-term business as defined in that Act;

(b) assumes an obligation to the member, and where

appropriate any of the member’s dependants, to

pay the benefits secured under the contract by the

receipt of the transfer payment to the member or, as

the case may be, to the member’s dependants.».

9 SD 651/97


Regulations 2014

Page 12 SD 2014/0049 c

6 Amendment of the Retirement Benefits Schemes (Domestic Schemes)

(General Administration) Regulations 2004

(1) The Retirement Benefits Schemes (Domestic Schemes) (General

Administration) Regulations 200410 are amended as follows.


(a) for the definition of “the Insurance Act” substitute «“the 2008

Act” means the Insurance Act 2008;»;

(b) in the definition of “accepted insurer”, for paragraphs (a) and (b)

substitute —

«(a) authorised under section 8 of the 2008 Act;

(b) holds a permit issued under section 22 of the 2008

Act; or»;

(c) in the definition of “accepted investment scheme”, for paragraph

(a) substitute —

«(a) authorised under paragraph 2 of Schedule 1 to the

Collective Investment Schemes Act 2008;»;

(d) in the definition of “accepted investment scheme”, for paragraph

(d) substitute —

«(d) in receipt of a permit under article 7 of the

Collective Investment Funds (Jersey) Law 1988;

or»;

(e) after the definition of “employer payment arrangement” insert —

«“Financial Services Rule Book” means the rules, or

any part of the rules, made by the Financial

Supervision Commission under section 18 of the

Financial Services Act 2008 ;»”;

(f) in the definition of “insurer”, for “section 34 of the Insurance Act”

substitute «section 54 of the 2008 Act»; and

(g) in the definition of “investment business”, for “Investment

Business Act 1991” substitute «“Financial Services Act 2008”»;

and

(h) in the definition of “policy of insurance”, for “the Insurance Act”

substitute «the 2008 Act».


(a) in paragraph (2) delete “(3) and ”; and

(b) paragraph (3) is revoked.

(4) In regulation 7(2) for sub-paragraph (c) substitute —

10 SD 589/04 (as amended by SD 63/06)


c SD 2014/0049 Page 13

«(c) not a Fellow of the Institute and Faculty of Actuaries or a

person who has otherwise satisfied the Supervisor that the

person holds qualifications equivalent to those required for

membership of that body.»

(5) In regulation 7(5)(d) (appointment of advisers) for “Financial

Supervision Commission (Conduct of Business) Regulatory Code”

substitute «Financial Services Rule Book».


(a) for the heading substitute «Duty to disclose and obtain

information»; and

(b) after paragraph (2) insert —

«(3) Where it is proposed that a member transfers his or

her accrued rights to a retirement benefits scheme

that is not —

(a) registered as an authorised scheme under


(b) registered as a recognised scheme under


(c) a statutory scheme within the meaning of

section 14 of the Income Tax (Retirement

Benefit Schemes) Act 1978; or

(d) a registered pension scheme within the

meaning of the Retirement Benefits Schemes

(Recognised Schemes) (United Kingdom)

Order 200411,

then prior to the transfer being made the scheme

trustee must obtain from the member the

confirmations set out in paragraph (4).

(4) The confirmations set out in this paragraph are —

(a) that the member has received a statement from the

receiving scheme showing the benefits to be

awarded in respect of the transfer payment to be

made and the conditions (if any) on which these

could be forfeited or withheld; and

(b) that the member accepts that the scheme to which

the transfer payment is to be made is not subject to

the supervision of the Insurance and Pensions

Authority and may not be regulated in any way by

the law of the Island and that as a consequence

there may be no obligation under that law on the

receiving scheme or its trustees to provide any

11 SD 591/04


Regulations 2014

Page 14 SD 2014/0049 c

particular value or benefit in return for the transfer

payment.».

(7) In regulation 10(1)(a) —

(a) immediately after sub-paragraph (viii) insert the word «and»;

and

(b) sub-paragraph (ix) is revoked.

(8) In regulation 14(2)(b) for “any of the institutions exempted from

licensing by regulation 2 or 3 of the Banking Act (Exemptions)

Regulations 1999” substitute —

«National Savings and Investments (an executive agency of the

Chancellor of the Exchequer of the United Kingdom)».

(9) In regulation 14(5) —

(a) in sub-paragraph (a) for “Banking Act 1998” substitute

«Financial Services Act 2008»;

(b) sub-paragraph (b) is revoked; and

(c) in sub-paragraph (c) for “Part IV permission” substitute «Part 4A

permission».


(a) in paragraph (2) for “paragraphs (3), (5), (7) and (9)” substitute

«paragraphs (5), (7) and (9)»;

(b) paragraph (3) is revoked; and

(c) for paragraph (8) substitute —

«(8) Paragraph (7) does not apply to permit the retention

of employer-related investments which were, prior

to the commencement of the winding-up, held in

contravention of these Regulations.».

(11) In regulation 16(10) —

(a) in the definition of “collective investment scheme” for “section 30

of the Financial Supervision Act 1988 but shall include

arrangements of the types described in section 30(6)(a) and (c) of

that Act” substitute «section 1 of the Collective Investment

Schemes Act 2008»;

(b) in the proviso in the definition of “employer-related

investments” —

(i) in sub-paragraph (iv)(a) for “Building Society which is

authorised under section 2 of the Building Societies Act

1986 or an institution which is licensed under the Banking

Act 1998” substitute «deposit-taking institution which is

licensed under section 7 of the Financial Services Act

2008»;


c SD 2014/0049 Page 15

(ii) in sub-paragraph (iv)(b)(ii) for “section 6 of the Insurance

Act;” substitute «section 8 of the 2008 Act;»; and

(iii) in sub-paragraph (iv)(c)(iv) for “section 144 of the Pension

Schemes Act 1993” substitute «section 75 of the Pensions

Act 199512»;

(c) in the proviso in the definition of “employer-related loan” —

(i) renumber paragraph “(ii)” in the second place it appears as

paragraph «(iii)»; and

(ii) in renumbered paragraph (iii)(a)(iii) and (b)(iii) for “section

6 of the Insurance Act” substitute «section 8 of the 2008

Act».

(12) For paragraph 6 of Schedule 2 substitute —

«6. In respect of every amount shown in the accounts (other

than the amounts referred to in paragraph 7), a statement

of the corresponding amount for the preceding scheme

year, except where regulation 12 is complied with by the

trustee for the first time.»

7 Amendment of the Retirement Benefits Schemes (Recognised

Schemes) (United Kingdom) Order 2004

(1) The Retirement Benefits Schemes (Recognised Schemes) (United

Kingdom) Order 200413 is amended as follows.

(2) In article 1, for paragraph (2) substitute —

«(2) In this Order —

“the Act” means the Retirement Benefits Schemes Act

2000; and

“registered pension scheme” means an occupational

pension scheme that is registered under Chapter 2

of Part 4 of the Finance Act 2004 (of Parliament) as a

registered pension scheme.».

(3) For article 2(2)(a) substitute —

«(a) a registered pension scheme;».

8 Amendment of the Retirement Benefits Schemes (Permitted Schemes)

Regulations 2004

(1) The Retirement Benefits Schemes (Permitted Schemes) Regulations 200414


12 SD 501/97 (section 75 was inserted by SD 17/06)

13 SD 591/04

14 SD 593/04


Regulations 2014

Page 16 SD 2014/0049 c

(2) In regulation 8(1) for “onhim” substitute «on the trustee»

(3) In regulation 10(1)(b) —

(a) in sub-paragraph (ii) for “the Insurance Act 1986” substitute «the

Insurance Act 2008»;

(b) in sub-paragraph (iii) for “Banking Act 1998” substitute

«Financial Services Act 2008»;

(c) sub-paragraph (iv) is revoked; and

(d) in sub-paragraph (v) for “Investment Business Act 1991”

substitute «Collective Investment Schemes Act 2008».

9 Amendment to the Retirement Benefits Schemes (General Register)

Regulations 2004

(1) The Retirement Benefits Schemes (General Register) Regulations 200415



(a) in sub-paragraph (1)(e) for “section 21B of the Financial

Supervision Act 1988” substitute «section 24 of the Financial

Services Act 2008; and

(b) in sub-paragraph (2)(a) for “section 21A of the Financial

Supervision Act 1988” substitute «section 25 of the Financial

Services Act 2008».

MADE 11 JUNE 2014

W E TEARE

Minister for the Treasury

15 SD 595/04

Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2014 EXPLANATORY NOTE

c SD 2014/0049 Page 17

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations make various miscellaneous amendments to a number of

Regulations that are made under the Retirement Benefits Schemes Act 2000 as

follows —

(a) the Retirement Benefits Schemes (Management and Miscellaneous Provisions)

Regulations 2001, by updating references to legislation that has been

superseded by other provisions, and by setting out the prescribed particulars

that must be served on the Supervisor where it is proposed that a new director ,

chief executive, manager or controller of a scheme trustee or administrator be

appointed;

(b) the Retirement Benefits Schemes (Excepted Schemes) Regulations 2001, by

introducing provisions for the exclusion of certain Employer-Financed

Retirement Benefits Schemes (non-registered UK benefit trusts) which are not

Tax Approved as retirement benefits schemes in the Island, from the

requirements for registration under the provisions of the Retirement Benefits

Schemes Act 2000; by updating the definition and application of the exempted

insurance company contracts; by introducing provisions for the exclusion of

certain annuity contracts and arrangements, whose sole purpose is to facilitate

the immediate securing of relevant benefits, from the requirements for

registration under the Retirement Benefits Schemes Act 2000; and by updating

references to legislation that has been superseded by other provisions;

(c) the Retirement Benefits Schemes (International Schemes) Regulations 2001, by

introducing provisions to enable, under certain conditions, the trustees to

transfer accrued benefits from International Schemes, without the need to obtain

a court order in the absence of consent of the members and by updating

references to legislation that has been superseded by other provisions;

(d) the Retirement Benefits Schemes (Domestic Schemes) (General Administration)

Regulations 2004, by updating references to legislation that has been

superseded by other provisions and by introducing disclosure of information

provisions relating to certain proposed overseas transfers of scheme members’

rights;

(e) the Retirement Benefits Schemes (Recognised Schemes) (United Kingdom)

Order 2004, by updating the provisions of this Order to reflect changes of

definitions that have occurred in United Kingdom legislation;

(f) the Retirement Benefits Schemes (Permitted Schemes) Regulations 2001, by

updating references to legislation that has been superseded by other provisions;

(g) the Retirement Benefits Schemes (General Register) Regulations 2004, by

updating references to legislation that has been superseded by other provisions.

Documents

Retirement Benefits Schemes (Miscellaneous Amendments ... · Retirement Benefits Schemes (Miscellaneous Amendments) Regulations 2014 Regulation 4 c SD 2014/0049 Page 5 (a) exempted